This marks the fifth consecutive quarter of falling annual delivery.

The lack of completions has meant that five English regions failed to build enough homes to meet their housing need in 2023, when measured against the Standard Method.

London was again furthest short, building only 40% of what is needed, with several boroughs building less than 50% of what is needed. 

Savills has revealed that delivery of affordable homes in the latest reporting series was the highest since 2015.

Social rented homes saw a 26% increase in completions.

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Next year is also expected to see solid delivery of new homes, thanks both to Homes England’s Strategic Partnership programme and PLC housebuilders looking to partner with housing associations to offset a weaker private for-sale market.

Meanwhile, BTR passed the 100,000 completions mark across the UK at the end of 2023. 

Completions rose by 57% compared to 2022, driven by strong delivery of flatted schemes in regional cities.

Starts were 26% below their 2017-19 average, but a large existing pipeline should sustain delivery.

In addition, a downward trend of planning consents has continued. 

Around 235,000 new homes were estimated to have gained full planning permission across 2023 — the lowest figures for planning consents since 2013.

That puts consents at barely 5,000 more homes than were completed in 2023.

Given at least 10% of consents are generally lost due to attrition, there is a risk of housing delivery falling below 200,000 homes per annum for the first time since 2015.